Andy Raynor the CEO of Shakespeare Martineau has resigned. The firm says that his exit is not connected to the findings of a disciplinary body that reprimanded and fined him for misconduct in his previous role at an accountancy firm which collapsed.
Andy Raynor was appointed as CEO of Shakespeare Martineau in 2015 after a year as its commercial director. But before that he was the Chief Exec of accountancy firm RSM Tenon which went bust in August 2013, a few months after Raynor left. The Financial Reporting Council, an independent investigatory body, found in December 2016 that Raynor had not properly approved RSM Tenon's 2010/11 financial statements.
Raynor admitted to the FRC that his conduct "fell significantly short of the standards reasonably to be expected" of a chartered accountant in relation to his approval of the dodgy statements. He agreed to pay a fine of £26,500 plus a further sum of £50,000 as a contribution to costs. At the time of the FRC's findings, a spokesman for the firm told RollOnFriday that the events were in the past and unrelated to Raynor's role adding "he has the full support of our Firm as he continues to lead, grow and develop our business”.
14 months on and Raynor is set to leave the firm. A spokeswoman for Shakespeare Martineau told RollOnFriday that Raynor's impending departure had no connection to the fine or any other factor. Andrew Whitehead, senior partner at the firm, said: “Andy has given us plenty of warning of his decision to step down from his role towards the end of this calendar year. This change is simply reflective of natural tenure and gives us plenty of time to identify and appoint his successor whilst Andy continues to lead the business with his normal energy and enthusiasm to ensure we continue to make good progress.”
The firm has undergone significant changes in its management team recently as Finance director Fran Gibbons and Chief Operating Officer Ian Smit both left in 2017. A disgruntled source told RollOnFirday "partners and staff are not happy with the chaotic management of the firm".
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Andy Raynor was appointed as CEO of Shakespeare Martineau in 2015 after a year as its commercial director. But before that he was the Chief Exec of accountancy firm RSM Tenon which went bust in August 2013, a few months after Raynor left. The Financial Reporting Council, an independent investigatory body, found in December 2016 that Raynor had not properly approved RSM Tenon's 2010/11 financial statements.
Raynor admitted to the FRC that his conduct "fell significantly short of the standards reasonably to be expected" of a chartered accountant in relation to his approval of the dodgy statements. He agreed to pay a fine of £26,500 plus a further sum of £50,000 as a contribution to costs. At the time of the FRC's findings, a spokesman for the firm told RollOnFriday that the events were in the past and unrelated to Raynor's role adding "he has the full support of our Firm as he continues to lead, grow and develop our business”.
14 months on and Raynor is set to leave the firm. A spokeswoman for Shakespeare Martineau told RollOnFriday that Raynor's impending departure had no connection to the fine or any other factor. Andrew Whitehead, senior partner at the firm, said: “Andy has given us plenty of warning of his decision to step down from his role towards the end of this calendar year. This change is simply reflective of natural tenure and gives us plenty of time to identify and appoint his successor whilst Andy continues to lead the business with his normal energy and enthusiasm to ensure we continue to make good progress.”
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The firm has undergone significant changes in its management team recently as Finance director Fran Gibbons and Chief Operating Officer Ian Smit both left in 2017. A disgruntled source told RollOnFirday "partners and staff are not happy with the chaotic management of the firm".
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